Ritchie, who wil remain in place until a successor is chosen, told his club website: "I've been chairman for over five years and we're now at a stage where we have financial security and are well positioned to address three key issues facing the club - the long-term sustainability of the business, promotion to the Premiership and completion of the Falkirk Stadium."

Shareholders were told that turnover had increased from £1.9m to £2,1m in the year to May and that the club had further improved its financial position through transfers and increased commercial income.

Director Any Thomson told the meeting that "£540,000 of supporters' loans have been eliminated from the balance sheet at a cost of only £317,000, thanks to lenders waiving their rights to full repayment and interest and converting loans to shares in the club".

Falkirk say they now carry less than £300,000 in borrowings - largely to shareholders who funded the ground's new artificial pitch.